An FSA (Flexible Spending Account) is an account set up through your employer that allows you to put tax-free dollars aside for healthcare expenses. Traditional FSA’s are only available with traditional copay/PPO plans and can NOT be opened if you have a high-deductible health plan. The money goes in and comes out tax-free, but it’s not portable, meaning you lose it if you change jobs. You choose your contribution once a year, and there’s a “use it or lose it” rule, though some employers offer a grace period.